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Rare early Jaguar E-Type sells for £88,000

ONE OF THE MOST RARE Jaguar E-Types, and one of the first to be built in the 1960s sold has at auction for more than £88,000. An anonymous British buyer from the south of England bought the iconic sports car at an auction in Ascot, Berkshire. The hammer fell at £77,000, but with a buyer's premium the final bill was £88,040, a spokesman for Coys the auctioneers said.

In memoir, Bush defends auto bailout to safeguard American jobs

Former President George W. Bush is defending his $17.4 billion bailout of the U.S. auto industry in his memoir, Decision Points.

GM, SAIC to develop electric cars in China

General Motors will work with its joint-venture partner, Chinese carmaker SAIC Motor Corp., to develop parts and vehicle platforms for electric cars, the companies said on Tuesday. The automakers will use their existing joint venture in Shanghai, the Pan Asia Technical Automotive Center, as the home base to develop the electric car--aimed primarily at the Chinese market. GM says it plans to use the platform, components and technology from the project to build electric cars around the world for various markets.